Very small red, round light over the southwest sky hovered and appeared to be blinking, flashed a white light and disappeared

A small very red round object appeared to hover very high in the southwest sky. Object faded in and out almost out of sight as though it was blinking. Object flashed a bright white light one (1) time. Continued to fade in and out while still hovering. Object then slowly moved west and made a sharp left turn south and simply disappeared from sight. Unable to find obect through a telescope